Madison… Chairman John Macco (R-Ledgeview) and Vice-Chairman Robert Wittke (R-Racine) released the following statement regarding the Generally Accepted Accounting Principles (GAAP) revenue’s positive balance for the first time in decades and Wisconsin’s economic outlook.
“I am very encouraged by our current financial position and pleased with the work our Committee completed last session,” said Rep. Wittke. “I commend my colleagues for the fiscal path they put us on and look forward to building on this solid foundation as we navigate the budgetary challenges of our next biennium.”
In addition to the $500 million in income tax relief included in the last biennial budget, the Assembly Committee on Ways and Means Committee passed legislation to deliver an additional eleven percent decrease in income tax for low-income Wisconsinites.
“Nearly a billion dollars in tax relief this session, the books are balanced, the rainy day fund is healthy and the GAAP balance is positive for the first time in decades,” said Rep. Macco. “This didn’t happen by accident and certainly not overnight. For the past ten years we have been making intentional decisions to build a strong economic foundation for future generations of Wisconsinites. It is imperative that our committee continues to build on Wisconsin’s strong position, and we are committed to doing just that.”